Today, presidential candidate Tom Steyer released a proposal that would provide working families with a 10% tax cut that benefits 95% of all Americans. To rebalance the economy and help out the millions of families that need help with the basic necessities, the plan calls for an expansion of the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC) and a $2 trillion infrastructure plan to provide good-paying long-term jobs.

The new policy would be paid for by instituting a wealth tax on the top 0.1% of Americans, rolling back Trump’s tax cuts for the wealthy, and by closing the loophole that allows investment income from capital gains and dividends to be taxed less than income earned from a job.

“To win in November, Democrats need to take Donald Trump on over the economy and beat him, said Steyer. “It is the only way to end 40 years of Republican giveaways to big corporations at the expense of working families.I will promote a new Democratic narrative of how our nation can prosper and thrive by fixing an unfair tax system that sees too many families sit around the dinner table wondering how to make ends meet. This working families tax package will put cash back in American pockets, rewrite the rules, revitalize the middle class, and give our party an economic vision that stands up to Donald Trump”

Steyer’s plan will offer immediate tax relief to working families by:

Providing A 10% Tax Cut To Working Families. Continuing the Obama Administration guidelines for defining middle class family income, Steyer will institute a 10% tax cut for all American working and middle-income families. Families making less than $250,000 and individuals making less than $200,000 will receive a 10% tax cut, impacting 95% of American families. The nation is better served by putting more money into the hands of ordinary Americans than the rich and corporations.

Increasing Vital Tax Credits For Working Families. The Earned Income Tax Credit and the Child Tax Credit help millions of families pay for the basic necessities, from hospital bills to auto repairs and diapers, by reducing the amount of taxes they owe. Steyer will fight for an increase to these tax credits through the Working Families Tax Relief Act. This legislation makes the $2,000 tax credit per child fully refundable, and provides an additional $1,000 credit for children under the age of 6. It also extends the Earned Income Tax Credit — one of the most effective tools in fighting poverty — to more families by increasing the amount of the credit by roughly 25 percent for low and moderate-income workers with children and substantially expanding the paltry amount that workers without kids receive. Expanding these tax credits will raise the incomes of 46 million American households with and without children, lifting 7 million people out of poverty, truly expanding the middle class, and putting money back into the bank accounts of working Americans.

Steyer’s plan will invest in America’s infrastructure and create millions of jobs by:

Investing $2 trillion over 10 years in the clean-energy transition. This will fund long-overdue investments in upgrading and greening America’s infrastructure, including investments in clean transportation, water, operational systems, the energy grid, farms and rural development, building retrofits, maintenance, affordable housing, universal broadband, and more.

Creating 4.6 million long-term jobs in local economies across the country. By making significant infrastructure investments and constructing new, 100% clean buildings Steyer will create good paying jobs. This will potentially grow the overall construction industry by one-third and will create entirely new industries as climate-smart technologies proliferate. Together with strong labor standards, this investment will potentially boost union membership in the construction industry to levels not seen in decades.

Growing the American economy with trillions of dollars in private capital. As the green economy grows, companies will have significant opportunities to invest in rebuilding, retrofitting, and greening America’s buildings, transportation, and agriculture sectors. Opportunities for private investment will be found in clean transportation, water, operational systems, the energy grid, farms and rural development, building retrofits, maintenance, affordable housing, universal broadband, and more.

Expanding worker resources, training, pre-apprenticeships, and continuing education. To produce a highly-skilled, and educated workforce that can meet the opportunities and challenges of the 21st century economy, Steyer will invest in workforce development programs to expand local, good job opportunities in the energy, construction, transportation, agriculture, water, and information technology sectors, amongst others. He will also support and expand social infrastructure that grows community resilience through the development of an organized, well-trained, and fully-funded network of social service providers — including nurses, hospital workers, mental health workers, and food, housing, and animal care providers — by supporting training, resources, education, and pre-apprenticeship programs for workers entering and excelling in these fields.

Supporting fossil fuels workers and their communities. As America makes the transition to a clean energy future, we must honor and support those who have devoted their lives to keeping our lights on and our vehicles moving. Steyer’s plan will invest $50 billion to ensure former fossil-fuel workers and their communities have the healthcare, wages, and benefits necessary to thrive in a cleaner economy. This includes fully funding the Black Lung Disability Trust Fund, the Appalachian Regional Commission, and other programs to support coal miners and their communities.

Investing $250 billion in direct bonds for community-driven climate efforts. This allows community-leaders to take an active role in determining where major infrastructure and remediation takes place in their own neighborhoods, towns, and cities. These bonds can be used for creating state parks, building infrastructure for new industries, or investing in local food production. Steyer understands that local workers and leaders know what is needed in their own communities more than Washington does, and is committed to supporting their needs with federal resources.

Strengthening labor protections and building worker power. Steyer will work to raise the minimum wage to at least $15 per hour, and he will vigorously enforce labor laws around equal pay and wage theft. Steyer will protect the right to organize and defend worker pension, social security, and disability benefits and enforce workplace safety rules. He will set a strong example with strong labor standards embedded within Federal contracts and hiring.